Levi & Korsinsky, LLP announces that a class action lawsuit has commenced in the USDC for the Southern District of New York on behalf of shareholders of TCP International Holdings Ltd. (NYSE: TCPI) who purchased shares between May 8, 2015 and November 5, 2015, inclusive.
The complaint alleges that defendants failed to disclose during the Class Period that TCP’s Chairman Ellis Yan had made improper payments with his personal funds relating to TCP’s business and that improper relationships existed between Yan and the Company’s Vice-Chairman, Zhaoling Yan, and certain vendors. On November 5, 2015, TCP announced that it would delay the release of the Company’s third-quarter financial results due to a pending investigation by the Audit Committee of TCP’s Board of Directors concerning the scope and propriety of payments made by its Chairman with his personal funds relating to TCP’s business, and whether relationships exist between Yan and Zhaoling Yan and certain vendors. TCP noted it does not anticipate filing its third-quarter Form 10-Q by the extended due date of November 23, 2015. If you suffered a loss in TCPI you have until January 11, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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